Completed executions

A judgement creditor cannot retain the "benefit" of an execution or attachment, unless he has completed it-

1. Before the date of the receiving order, and
2. Without notice of the presentation of a petition or the commission of an available act of bankruptcy,   

But he can retain any money received by him before that date (Re Andrew).

If the judgement exceeds Shs 400 the bailiff must retain the proceeds of sale for 14 days, and us hand over the proceeds to O.R. or trustee, of notice of a petition is served on him during that time; and the same applies if, before sale, notice is served on him that a receiving order has been made.

The court has discretion to set aside these rights in favour of the creditor if it thinks fit.

Posted Date: 12/13/2012 12:31:46 AM | Location : United States

Ask an Expert

Related Discussions:- Completed executions-bankruptcy, Assignment Help, Ask Question on Completed executions-bankruptcy, Get Answer, Expert's Help, Completed executions-bankruptcy Discussions

Write discussion on Completed executions-bankruptcy
Your posts are moderated

Write your message here..

Related Questions

Periodic inventory system, Under this system all stock levels are reviewed ... Under this system all stock levels are reviewed after fixed time duration, depending upon the significance of the item. Imported items may need a shorter review cycle, while slow m

Report to stockholders of a company, Q. Report to stockholders of a company... Q. Report to stockholders of a company? Annual Report - Report to stockholders of a company that includes company's annual,audited BALANCE SHEET and related statements of earni

Describe about backdating, Q. Describe about Backdating? i) Exercise pr... Q. Describe about Backdating? i) Exercise price is based on a lower share price prior to option grant date. Practice of marking a document with a date that precedes actual date

What about a foreign-based multinational corporation, Does a state have the... Does a state have the authority to require a U.S.-based multinational corporation to compute its state taxable income on a worldwide combined reporting basis? What about a foreign-

Persons who may petition-liquidation of companies, Persons Who May Petition... Persons Who May Petition A petition may be presented by any of the following: A Creditor : A creditor may petition if his debt exceeds Shs 1,000 and is undisputed. The ord

Renfro rentals has issued bonds, a) The actual risk-free rate is 3%, and in... a) The actual risk-free rate is 3%, and inflation is usual to be 2% for the next 2 years. A 2-year Treasury security yields 6.7%. What is the maturity risk premium for the 2-year s

What is the expected interest rate, You are the Genesis accountant and have... You are the Genesis accountant and have taken a class recently in financing. You agree to prepare a PowerPoint presentation of approximately 6-8 minutes using the examples and info

How to prepare annual financial statements, "Government departments should ... "Government departments should take audit report seriously by preparing annual financial statement on time".... Based on the above statement, suggest ways on how government depa

Generally accepted accounting principles (gaap), Generally Accepted Account... Generally Accepted Accounting Principles (GAAP) are guidelines for companies to follow as tehy prepare and issue financial statements. Let's start by getting an understanding of wh

What is contractor ledger, Q. What is Contractor Ledger? Accounts relat... Q. What is Contractor Ledger? Accounts relating to contractors should be kept as personal accounts in contractor's ledger and a separate folio should be opened in the Contracto